Bitcoin holds steady amid Iran attacks on September 5. The US struck three Iranian oil tankers in retaliation.
BTC remained largely unchanged. It trades just below the psychological $80,000 level.
Why Bitcoin holds steady amid Iran attacks
CENTCOM revealed its forces struck three Iranian oil tankers. This followed Iran’s missile attacks on two US Navy warships.
CENTCOM commander Adm. Brad Cooper issued a clear message. “If you shoot at two of our ships, we will impose an even higher economic cost—taking out three of yours.”
Bitcoin held steady amid these latest attacks. It trades at around $79,800. It is up less than 1% on the day. TradingView data confirms this.
Bitcoin had tumbled yesterday nevertheless. The August US jobs report came in stronger than expected. This boosted bets of a potential Fed rate hike. The hike could happen as soon as this month’s FOMC meeting.
Fed Governor Chris Waller eased concerns earlier in the week. He said he was leaning toward holding rates unchanged. Nevertheless, he noted that upcoming August inflation readings could sway his decision.
All eyes on next week’s CPI and PPI data
The market is focused on the August CPI and PPI data release. This could spark significant volatility for Bitcoin and the broader crypto market. Waller mentioned that a hot inflation reading could prompt him to consider a hike.
Other Fed officials have also raised concerns about rising inflation. Fed President Beth Hammack signaled readiness to back a hike. Fed Chair Kevin Warsh vowed they are ready to do what they must if inflation doesn’t slow.
Ahead of the CPI and PPI release, crypto traders are almost evenly split. Polymarket data shows a 51% chance the Fed will hold rates steady. There is a 50% chance they will hike rates.
